Liuyan Zhao
Biographic Data
| ID | 3953184 |
|---|---|
| NAME | Liuyan Zhao |
| GIVEN NAMES | Liuyan |
| FAMILY NAME | Zhao |
| SIGNATURE | ZHAO L |
| AFFILIATIONS | Peking University |
| ORCID | 0000-0003-2256-0175 |
| VERIFIED | Yes |
| TOTAL WORKS | 4 |
| TOTAL CITATIONS | 6 |
| AUTHOR COUNT | 4 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2018 |
| LATEST PUBLICATION YEAR | 2021 |
| H-INDEX | 2 |
The Efficiency of the Chinese Silver Standard, 1920-1933
We test for integration of financial markets in China during 1920-1933 using a new dataset of domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and nine other cities. We find that Chinese financial markets, as measured by the efficiency of silver-point arbitrage, were highly integrated among major commercial hubs in north and central China, but there was a lower level of integration for more remote…
A silver transformation: Chinese monetary integration in times of political disintegration, 1898-1933
This article provides the first systematic econometric study on the evolution of Chinese silver exchange and monetary regimes during the period 1898-1933. Using high-quality datasets of monthly and daily prices of silver dollars, we apply the threshold autoregressive models to estimate the silver points between Shanghai and 18 other cities in northern and central China. We find a noticeable improvement in monetary integration between Shanghai and…
Turning Points in the Chinese Civil War: A Financial Market Perspective
This paper provides a quantitative assessment of contemporary beliefs about ‘turning points’ that shaped the outcome of the Chinese Civil War (1946–49). We employ an endogenous structural break method relying on a novel data set to exploit breakpoints in the daily price quotes of Chinese sovereign bonds traded on the London market. As late as spring 1947, the London market evidently believed there was a reasonable chance of either the Kuomintang …
Alfred Marshall, Silver, and China
The paper provides an empirical investigation of Alfred Marshall's analysis of the silver flow mechanism between the West and the East, which maintains that silver will flow whenever there is a difference in its purchasing power. The results show that Marshall's analysis offers an empirically sound interpretation of changes in the price level in China and the silver flow across China's borders. The results also confirm that there was a high degre…
A silver transformation: Chinese monetary integration in times of political disintegration, 1898-1933
This article provides the first systematic econometric study on the evolution of Chinese silver exchange and monetary regimes during the period 1898-1933. Using high-quality datasets of monthly and daily prices of silver dollars, we apply the threshold autoregressive models to estimate the silver points between Shanghai and 18 other cities in northern and central China. We find a noticeable improvement in monetary integration between Shanghai and…
The Efficiency of the Chinese Silver Standard, 1920-1933
We test for integration of financial markets in China during 1920-1933 using a new dataset of domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and nine other cities. We find that Chinese financial markets, as measured by the efficiency of silver-point arbitrage, were highly integrated among major commercial hubs in north and central China, but there was a lower level of integration for more remote…
Turning Points in the Chinese Civil War: A Financial Market Perspective
This paper provides a quantitative assessment of contemporary beliefs about ‘turning points’ that shaped the outcome of the Chinese Civil War (1946–49). We employ an endogenous structural break method relying on a novel data set to exploit breakpoints in the daily price quotes of Chinese sovereign bonds traded on the London market. As late as spring 1947, the London market evidently believed there was a reasonable chance of either the Kuomintang …
Alfred Marshall, Silver, and China
The paper provides an empirical investigation of Alfred Marshall's analysis of the silver flow mechanism between the West and the East, which maintains that silver will flow whenever there is a difference in its purchasing power. The results show that Marshall's analysis offers an empirically sound interpretation of changes in the price level in China and the silver flow across China's borders. The results also confirm that there was a high degre…
A silver transformation: Chinese monetary integration in times of political disintegration, 1898-1933
This article provides the first systematic econometric study on the evolution of Chinese silver exchange and monetary regimes during the period 1898-1933. Using high-quality datasets of monthly and daily prices of silver dollars, we apply the threshold autoregressive models to estimate the silver points between Shanghai and 18 other cities in northern and central China. We find a noticeable improvement in monetary integration between Shanghai and…
The Efficiency of the Chinese Silver Standard, 1920-1933
We test for integration of financial markets in China during 1920-1933 using a new dataset of domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and nine other cities. We find that Chinese financial markets, as measured by the efficiency of silver-point arbitrage, were highly integrated among major commercial hubs in north and central China, but there was a lower level of integration for more remote…
Economics (4 works) · China (3 works) · Culture, Economy, and Development Studies (3 works) · Political science (3 works) · Art (2 works) · Geography (2 works) · Historical Economic and Social Studies (2 works) · Law (2 works) · Market Dynamics and Volatility (2 works) · Monetary Policy and Economic Impact (2 works)